Love it up here originally from Queens. so hello neighbor.

If you can float the property until the lease is up that might be an option if it’s a great opportunity once you raise the rents.

I've come up with a few different scenarios:1.

I drew up a land agreement which stated that I allowed 30 days for buyer to pay rent or the contract could be terminated.

I would typically work from 10pm-8am then go home and sleep from like 9am-1 or 2pm and then get up and do whatever was necessary for my real estate business.

The key factor is ensuring the property qualifies for favorable tax treatment by adhering to IRS rules regarding short-term rentals and material participation.For the 7-day rule, the IRS requires that:The average guest stay must be seven days or less for the property to qualify as a short-term rental.If the average stay is 30 days or less, you must provide substantial services similar to what hotels offer, such as daily cleaning or concierge services.Regarding material participation, to further classify the income as non-passive, you must meet one of the following criteria:You spend more than 500 hours actively managing the rental in a year.You manage the business yourself and spend at least 100 hours, with your involvement exceeding that of any other person involved in the rental.Please note there are actually 7 ways to qualify, the above two are the most common.

Even if I do find a good deal where the numbers line up inspections will cost anywhere from $500-$3000+ for a professional evolution.

next one coming up in a couple weekshttp://meetup.com/reiasf

Also that your contractors carrier will pick up coverage if they are working without permits? 

true cash flow is only going to come either (1) after many years of ownership, when the property is stable and rents have gone up; or (2) with a completely different, probably tougher strategy or niche.think about a down payment, closing costs, light repairs, rent ready costs, commission to the property management company, then you fix a dishwasher, then in year 2 the furnace goes.